The Rickman family, which saved the Delaware Park racetrack from bankruptcy and led it to profitability after Delaware approved the addition of slot machines, has sold the racino after 38 years of ownership, to Canadian private equity firm Clairvest Group, Inc. and Rubico Gaming LLC, a newly formed subsidiary led by longtime casino investor Thomas Benninger.
Located in Wilmington, Delaware Park is one of the state’s three racinos. In 1982, it was a thoroughbred racetrack on the brink of bankruptcy after losing $2 million. It had been opened by William du Pont Jr. in the 1930s as the only major track on the East Coast outside of New York’s Aqueduct. He developed it to have a place near his Wilmington home base to race his own thoroughbreds. By the 1970s, the track was falling victim to closer competition.
The late William Rickman Sr., a Maryland real estate developer, purchased the freshly closed track in 1983. He revived the business by racing cheaper horses and smaller purses, and turned operations over to his son, William Rickman Jr., in 1993. In 1996, the state approved the addition of slot machines.
According to Delaware’s News Journal, the family is selling the racino to concentrate on its real estate business. (Rickman Sr. died in 2005, an Rickman Jr. is in his mid-70s.) The Rickmans sold Ocean Downs in Maryland, purchased in 2000, five years ago.
The sale is expected to close by the end of the year. The sale price has not been revealed.
According to a press release issued by the racino, the Rickmans will retain ownership of the White Clay Creek Country Club, which sits adjacent to the racetrack.
